Crude Oil Price Forecast July 12, 2017, Technical Analysis

WTI Crude Oil

I believe that the WTI Crude Oil market will continue to be very volatile, as we did slice above the $45 level on Tuesday, we gave back some of the gains though, and I believe that we are going to roll over, at least until we get the crude oil inventories announcement later today. I believe that there is more selling pressure than buying, so this knee-jerk reaction may be faded before it’s all said and done. I believe that the oversupply continues to be a massive issue in this market, so I’m looking for selling opportunities, not buying opportunities. Given enough time, I still believe that the market is going to try to reach towards the $43.50 level, and I see several resistance barrier’s above, not the least of which would be the $46 handle.

Oil Forecast Video 12.7.17

Brent

Brent markets continue to rally during the day after initially falling as well, and I think that given enough time, we will find sellers. I believe that the inventory announcement could be vital today, so pay attention to that. I think that the market will eventually find sellers jumping into this market, and perhaps it’s likely that we will see the market roll over again. Some of this rally could be a bit of short covering, as the inventory numbers coming out could produce a very volatile and dangerous situation. Ultimately, I believe that selling is the most prudent thing to do, and it’s only a matter of time before we get that opportunity. I believe that the trend is lower, and certainly buying is a risky. I would prefer to see and exhaustive candle on the daily chart is a nice selling opportunity. I believe given enough time, oil markets are going to roll over significantly.